BLO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
BLO
Largest movements
- Tangible fixed assets -€3.5m
down €3.5m (-42.2%), from €8.2m to €4.8m
of which Land and buildings: -€3.5m
- Receivables after one year +€2.9m
up €2.9m (+27.2%), from €10.8m to €13.7m
- Cash -€927,840
down €927,840 (-90.8%), from €1.0m to €94,157
mainly Receivables after one year (-€2.9m) and Debts after one year (-€2.7m)
- Current investments -€745,838
down €745,838 (-100%), from €745,838 to €0
- Debts after one year -€2.7m
down €2.7m (-51.2%), from €5.2m to €2.5m
- Other debts +€1.0m
up €1.0m (+15.3%), from €6.6m to €7.7m
- Reserves -€489,832
down €489,832 (-22.1%), from €2.2m to €1.7m
of which Tax-exempt reserves: -€489,832
- Profit (loss) carried forward +€391,027
up €391,027 (+11.9%), from €3.3m to €3.7m
- Revaluation surpluses -€375,000
down €375,000 (-100%), from €375,000 to €0
- Gross operating margin +€1.1m
up €1.1m (+825%), from €133,661 to €1.2m
- Financial charges +€810,356
up €810,356 (+700%), from €115,770 to €926,127
- Taxes +€289,893
up €289,893 (+810%), from €35,774 to €325,667
- Financial income -€95,186
down €95,186 (-27.5%), from €346,469 to €251,283
- Depreciation -€83,996
down €83,996 (-33.9%), from €247,921 to €163,925
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,922,980 | €18,846,240 | -€2.1m | -9.9% |
| Fixed assets | 21/28 | €8,237,393 | €4,760,483 | -€3.5m | -42.2% |
| Tangible fixed assets | 22/27 | €8,237,393 | €4,760,483 | -€3.5m | -42.2% |
| Land and buildings | 22 | €8,063,565 | €4,517,757 | -€3.5m | -44.0% |
| Plant, machinery and equipment | 23 | €4,483 | €131 | -€4,352 | -97.1% |
| Furniture and vehicles | 24 | €141,445 | €139,731 | -€1,714 | -1.2% |
| Other tangible fixed assets | 26 | €27,900 | €102,864 | +€74,964 | +269% |
| Current assets | 29/58 | €12,685,587 | €14,085,757 | +€1.4m | +11.0% |
| Amounts receivable after more than one year | 29 | €10,765,745 | €13,690,345 | +€2.9m | +27.2% |
| Other amounts receivable | 291 | €10,765,745 | €13,690,345 | +€2.9m | +27.2% |
| Stocks and contracts in progress | 3 | €62,562 | €62,562 | = | 0.0% |
| Stocks | 30/36 | €62,562 | €62,562 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €89,444 | €238,693 | +€149,248 | +167% |
| Trade receivables | 40 | €25,193 | €167,149 | +€141,957 | +563% |
| Other amounts receivable | 41 | €64,251 | €71,543 | +€7,292 | +11.3% |
| Current investments | 50/53 | €745,838 | €0 | -€745,838 | -100% |
| Cash at bank and in hand | 54/58 | €1,021,997 | €94,157 | -€927,840 | -90.8% |
| Total equity and liabilities | 10/49 | €20,922,980 | €18,846,240 | -€2.1m | -9.9% |
| Equity | 10/15 | €7,851,548 | €7,377,744 | -€473,804 | -6.0% |
| Contributions | 10/11 | €1,966,250 | €1,966,250 | = | 0.0% |
| Revaluation surpluses | 12 | €375,000 | €0 | -€375,000 | -100% |
| Reserves | 13 | €2,213,391 | €1,723,560 | -€489,832 | -22.1% |
| Non-distributable reserves | 130/1 | €104,000 | €104,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €104,000 | €104,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,387,391 | €897,560 | -€489,832 | -35.3% |
| Distributable reserves | 133 | €722,000 | €722,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,296,907 | €3,687,934 | +€391,027 | +11.9% |
| Provisions and deferred taxes | 16 | €462,464 | €299,186 | -€163,278 | -35.3% |
| Deferred taxes | 168 | €462,464 | €299,186 | -€163,278 | -35.3% |
| Amounts payable | 17/49 | €12,608,968 | €11,169,309 | -€1.4m | -11.4% |
| Amounts payable after more than one year | 17 | €5,211,995 | €2,544,191 | -€2.7m | -51.2% |
| Financial debts | 170/4 | €5,211,995 | €2,544,191 | -€2.7m | -51.2% |
| Amounts payable within one year | 42/48 | €7,396,973 | €8,625,119 | +€1.2m | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €691,894 | €485,759 | -€206,136 | -29.8% |
| Trade debts | 44 | €27,854 | €274,432 | +€246,578 | +885% |
| Suppliers | 440/4 | €27,854 | €274,432 | +€246,578 | +885% |
| Advances received on contracts in progress | 46 | - | €2,045 | +€2,045 | |
| Taxes, remuneration and social security | 45 | €41,707 | €209,130 | +€167,423 | +401% |
| Taxes | 450/3 | €29,449 | €196,281 | +€166,832 | +567% |
| Remuneration and social security | 454/9 | €12,258 | €12,849 | +€592 | +4.8% |
| Other amounts payable | 47/48 | €6,635,518 | €7,653,753 | +€1.0m | +15.3% |
| Non-recurring operating income | 76A | €0 | €1,249,816 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €113,109 | €117,824 | +€4,715 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,921 | €163,925 | -€83,996 | -33.9% |
| Other operating charges | 640/8 | €27,939 | €37,739 | +€9,800 | +35.1% |
| Non-recurring operating charges | 66A | - | €178,045 | +€178,045 | |
| Gross operating margin | 9900 | €133,661 | €1,235,961 | +€1.1m | +825% |
| Operating profit (loss) | 9901 | -€255,307 | €738,429 | +€993,736 | |
| Financial income | 75/76B | €346,469 | €251,283 | -€95,186 | -27.5% |
| Recurring financial income | 75 | €346,469 | €251,283 | -€95,186 | -27.5% |
| Financial charges | 65/66B | €115,770 | €926,127 | +€810,356 | +700% |
| Recurring financial charges | 65 | €115,770 | €926,127 | +€810,356 | +700% |
| Profit (loss) for the period before taxes | 9903 | -€24,609 | €63,585 | +€88,194 | |
| Transfer from deferred taxes | 780 | €29,921 | €163,278 | +€133,356 | +446% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €35,774 | €325,667 | +€289,893 | +810% |
| Profit (loss) for the period | 9904 | -€30,461 | -€98,804 | -€68,343 | -224% |
| Transfer from tax-exempt reserves | 789 | €89,763 | €489,832 | +€400,068 | +446% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €59,302 | €391,027 | +€331,725 | +559% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.